is defined as “a structured approach to determine the cost at which a proposed

product with specified functionality and quality must be produced, to generate a desired level of profitability

at its anticipated-selling-price”

• Target costing

• ABC

• Traditional costing

• life cycle costing

aims at cost ascertainment of a product, project etc. over its projected life. It is a

system that tracks and accumulates the actual costs and revenues attributable to cost object from its

inception to its abandonment.

• Life cycle costing

• ABC

• ABB

• Re-engineering

The four identifiable phases in the Product Life Cycle are

• (a) Introduction (b) Growth (c) Maturity

  and (d) Decline.

• (a) R&D (b) Growth (c) Maturity

  and (d) Decline.

• (a) Introduction (b)Maturity (c) Growth

  and (d) Decline.

• (a) Decline (b) Growth (c) Maturity

  and (d) upgrade.

refers to the ongoing continuous improvement program that focuses on the reduction of

waste in the production process, thereby further lowering costs below the initial targets specified during the design phase.

• Kaizen

• JIT

• LCC

• ABC

enables a company to ensure that it receives products / spare parts /

materials from its suppliers on the exact date and at the exact time when they are needed.

• ABB

• Kaizen

• JIT

• Traditional costing

Manufacturing organizations need ABC for product costing where

• Production overheads are high in relation to direct costs.

• There is no great diversity in the product range

• Products use same amounts of the overhead resource

• Direct costs are high in relation to Overheads

This method relates overheads to cost centers i.e.

locations. It is not realistic of the behavior of costs

• Traditional

• ABC

• TC

• ABB

a set of concepts and tools for getting all employees focused on continuous

improvement in the eyes of the customer.

• TQM

• ABB

• TC

• LCC

BSC was created by

• Kaplan and Norton

• Kaplan and Jordon

• Naplan and Korton

• Freaser and Nelson

It is a process for creating competitive advantage in which a firm reorganizes its operating and management functions, often with the result that jobs are modified, combined, or eliminated. It has been defined as the "fundamental rethinking" and radical redesign of business process to achieve dramatic improvements in critical, contemporary measures of performance, such as cost, quality, service, and speed.

• Reengineering

• Benchmark

• TQM

• LCC